MIDLAND, MI — The House Ways and Means Committee, led by U.S. Rep. Dave Camp, R-Midland, has approved the Small Business Tax Cut Act of 2012.

If approved by the full house, the legislation would allow businesses with fewer than 500 employees to take a tax deduction equal to 20 percent of their active business income and applies to business owners who pay their taxes at the individual or corporate level.

"The Small Business Tax Cut Act provides the help that small businesses need right now," Camp said in a release. "This deduction can free up resources so a small business can invest, hire another worker or provide a raise to an employee – something too many employers haven’t been able to do in this weak and slowly recovering economy."

According to a release from Camp's office, Majority Leader Eric Cantor has indicated the legislation is expected to go before the House of Representatives for a vote in mid-April, around Tax Day.

"It doesn't matter how you are organized. It is money straight to the bottom line of the small businessman and woman to be able to retain more of the monies earned to be able to invest back in those businesses and create more jobs," Cantor said in a release.